Regulation 35 - Allotment of securities and payment of interest - Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Allotment of securities and payment of interest. 35. (1) The issuer shall ensure that in case of listing of debt securities and non-convertible redeemable preference shares issued to public, allotment of securities offered to public shall be made within such timeline as may be specified by the Board. (2) Where the debt securities and non-convertible redeemable preference shares are not allotted and/or application monies are not unblocked within the period stipulated in sub-regulation (1) above, the issuer shall undertake to pay interest at the rate of fifteen percent per annum to the investors.